A Patent or Copyright Is a Barrier to Entry Based

question 106

Multiple Choice

A patent or copyright is a barrier to entry based on

• A)ownership of a key necessary raw material.
• B)large economies of scale as output increases.
• C)government action to protect a producer.
• D)widespread network externalities.

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Definitions:

Consideration

In contract law, something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Valid Consideration

A component of contract law that ensures all parties involved agree to give or do something of value in exchange for a benefit.

Bilateral Contract

A promise exchanged for a promise.

Consideration

In contract law, the value (which could be an action, object, or service) that is exchanged between parties entering into a contract.